tv Making Money With Charles Payne FOX Business May 31, 2018 6:00pm-7:00pm EDT
for you. maria will break it down on jobs and america at 8:30 a.m. eastern time. thank you for watching. charles payne is here now with making money. charles: more signs of a booming economy playing up big time. consumer spending accelerated posting the biggest gain in five months. i'll give you all the details behind that. highly anticipated talks revised in singapore. the talks are going on. we'll update you on the details of these meetings as they come through. we'll talk about the prospect of a so-called trade war. now with the nation's closest allies after we hit them with fresh tariffs. the allies firing back after the trump administration said it will no longer exempt canada,
mexico or the e.u. from the tariffs. the white house saying the tariffs will help protect national security while trump works on a deal to secure nafta. critics say it will provoke an unnecessary trade war. here to discuss, and the creator of maga, and. and herb london is with us. and deroy murdock, a fox news contributor on "national review" contributing editor. most of people in the conservative circles hate tariffs and trade wars. i see this something bigger than that on the eve of negotiations
with china and north korea and strong renegotiate nafta. >> i'm a free market type. i do have reservations about these tariffs. the 2018 elections are just over the horizon. this is an attempt to create an environment where the midwest has to vote with the republican party. trump understands that. just as he understands what the negotiations in north korea really mean? they have enormous political ramifications for the united states. so i do get it. it's interesting. the administration goes three steps ford, takes one step back. i would like to see them -- it's the art of the deal to some degree. charles: here is the thing also, deroy. canada, mexico, america, we all
sort of watch as china's government subsidized its steel industry. they went from 7 million metric tons to 800 million metric tons. i see this as being something bigger than that. we have seen 300,000 manufacturing jobs come back to this country, jobs we were told would never come back. we are seeing these midwestern states with 2 and 3 percent unemployment numbers. >> what is mystifying is how mr. trump can be so right on taxes, but so wrong and tariffs. tariffs are taxes. if you buy a new fridge or
washing machine you will pay for at the cash register. if you want to increase jobs in the midwest, that's a beautiful thing. what we ought to be doing is insourcing. nothing would be better than for president trump to break the ground at a chinese steel factory in ohio. charles: classic economists tell us tariffs are bad. but when you look around the countries doing the best have the highest tariffs in the world. >> what i would like to see is a trade deal that says we'll have a small 2, 3, 4 percent tariff on imports. drop the suction difficulties and drop d drop the subsidies. and non-tariff barriers. maybe this announcement is a bit
like the letter sent to north korea saying the summit is over. of course, they came running back to us. if this is for real and these taxes will stick, this is not good for the economy. >> i like the trade deal deroy made. i will take that. i want to export everything that's great about america, democracy, harley davidson, kentucky bourbon. egg we love about this country i want the rest of the world to experience as well. when you add tariffs and there are retaliatory tariffs, you decrease the ability to do that. tax reforms and deregulation is what's propelling this economy forward. i would like to see our republicans continue to he brace
pro growth public policy. charles: china has the most of favored nation. and both of these countries have been growing much faster than america. they will probably combine half of the world's gdp. how do we explain to the american public that these countries that block their markets from us are enjoying amazing economic prosperity. china -- >> china, india, these countries that are growing, they have huge populations. we are staying competitive when we reduce the corporate tax rates and making it the right choice to invest back into the united states. we do not do the right thing by introducing barriers to our
import-export system. >> let's not forget hot economic super power at the table -- who the economic super power is at the table. we are 11 times large than canada. $3 trillion greater than the e.u. the economic suicide for them to do any meaningful retaliation. the e.u. said we'll put $3 billion on duties on imports into our country. charles: are you fine with this move as just a negotiating ploy? or do you see something more involved here akin to trying to bring back industries that left and we were told would never come back. >> this was a new world order. we are going to negotiate as an
economic super power. so this is where we are headed. it's a better situation for the united states. that's what i think. we have thrown flyover country in this country under the bus. charles: maddy, you say we have this great big economy. every time i hear about the challenges that face this country be the knee jerk reaction, it will hurt these people and those people. but there is never really an alternative to bring china, canada, mexico and everyone else back to a fair trade system with us. >> i agree we have been under performing because our rules and regulations have not been competitive with a growing economy. but that does not mean
increasing tariffs is the right way to go. you can look at our trade system and recognize there are problems without arguing increasing tariffs and barriers is the right way to go. i think that's a false choice. charles: i want to bringing in congressman marsha blackburn from tennessee. i want to pick up on this conversation about tariffs. kevin brady put out a scathing rebuke against president trump and his administration. where do you stand on it and why do some republicans have a problem understanding what the trump agenda is or what his objective cities in. >> we know announcements are going to be part of a negotiation and a process. and to get some of these countries back to the table.
as you all were just discussing. the signs of our economy relative to canada and mexico, to the e.u. those are important to keep in mind. here in tennessee, i'm talking to people that are making appliances. they are making boats, they are making automobiles and auto parts? are they concerned? absolutely. i talked with someone earlier today and they said when it comes to the tariffs that they have take and wait and see because even though they know that much of this product they are going to be ordering several months out. and orders, their pricing orders and the deliver are you is several months out. and they have to figure this in. they feel like what they want to see is more domestic manufacturing. that would be a good thing. that would be bring something jobs back. but they fully appreciate that some of the products you need,
like the sheet aluminum, you aren't going to get that domestically at this point in time. so let's see where the adjustments are. i'm not a fan of tariffs or high taxes. i'm not a fan of trade wars. but i certainly have respect for working through this process and trying to deal with this imbalance we have when it comes to trade in our exports and imports. charles: i wanted to ask about president trump's visit there. you have been gaining momentum but it put wind in your sails, so to speak. >> when people are camped out waiting 24 hours to get into that auditorium to support me and stand with me, that's something that's important. 10ians continue to say we d
tennesseans continue to say we want somebody who will vote for the tax cuts. and pelosi calling it a crime. they want someone strong on supporting constitutional judges and stand with president trump. and i think that was made clear. i will be there and take those tennessee values to d.c., and my opponent won't be standing with the president. charles: i want to ask about the instability in the country. the latest is samantha bee and her attack own van today trump. you d attack on ivanka trump. are you confidence we can turn the corner from the trajectory we are on? >> i am. we are given two ears and one
mouth. we are well served to listen more than we speak. also that we can agree to disagree. this nation has been well-served by robust political debate. in that you have to be respectful of other people's opinions. everyone deserves to have their opinion heard. good to be with you. charles: the nation's inteensifying immigration debate has people on both sides of the aisle seeking a solution. we'll break it all down with congressman dave brat next. while i was overseas serving. it was my very first car accident. we were hit from behind. i called usaa and the first thing they asked was 'are you ok?' they always thank you for your service, which is nice because
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nation's immigration debate intense guys. the trump administration moved to end the daca program in march. a final decision has been delayed in the courts driving certain members of congress to say let's take the matter into our own hands. dave brat, a member of the budget committee and freedom caucus. thank you for joining us. essentially, the daca fix, i know there are four bills floating around out there, and apparently the goal is to get them down to the 213 signatories earlier this week. 218 are needed. where do you stand on this and where do you see it going? >> there is a group of 25 republicans doing a discharge petition and that leap frogs over leadership. they have a deal with steny
hoyer and 200 democrats which is just a daca deal and no border security. so the republican party and conference usually works through bills. the goothe goodlatte bill is thy bill that's been around. and e-verify which includes legal hiring. chain migration where people get to bring in their extended family, aunts, uncles, et cetera. if this discharge petition goes through where 25 republicans work with 200 democrats. it's 10 million folks over 10 years with a pathway to citizenship cutting in line. the goodlatte bill deals with
daca. it brings them out of the shadows. so that's the compromise. president trump even doubled down and offered 1.8 million and the democrats said no to that. 25 republicans are helping democrats do their own policy because they cared about cheap labor. the cheap labor crowd would get cheap labor. but the american people know they pick up the tab. two kids in school, that's $26,000 and the taxpayer pays the bill. charles: you have a congressman in florida who wants to get involved in this. we know a lot of them are involved in tight races in districts with big democratic votes. is it every man and woman for himself and forget about the
party and forget about the cost, i want to stay in washington, d.c. >> i know people with tough races, and that's understandable. but we are working on a bill. if you want to compromise you compromise around the edges on the bill. there are agricultural compromises that have been made. the number has been compromised. we softened up some of the provisions. so the compromise is already there. we don't want to leap frog toward our leadership. the american people and republicans, if you want to infuriate not just the base, but the entire main real republican party. this is an issue for all americans. charles: if it does go to the floor and there is the top one, and the compromise gets the
votes. paul ryan suggested it will never become law, that president trump will still have the ability to stop this from becoming law. are we wasting our time here or is this a legitimate threat for everyone. >> i think that's probably right. if they do a straight up dream erbil, that would get the most of votes. president trump will most of likely veto that. but i think what's going on is they are using that threat to get learn to weaken the goodlatte bill trading a wall for daca. a wall is good. it stops the drugs and the border problem. it doesn't end all the policy problems. 50% of the immigration problem are visa overstays. anyone who has just begun to study the issue understand that's the basic issue. when folks come in, they don't
come back to the court dates, and they stay in the country. charles: this is a complicated situation. >> we are moving ford. you got it. charles: looks like samantha bee and cbs eating some crow after her blistering ugly attack on ivanka trump. but many people are saying they get off too easy. the incivility in this country next. ♪
the right action in apologizing. the words should not have been aired. we regret it. mark lauder. and gayle trotter. i believe that show is taped. right. one thing for a live show. a lot of people saw in the can, producers, writers, management. they must have felt good about it, thinking this is okay. irony of all ironies, the same day that roseanne gets fired. >> you are right, a premeditated trolling and stunt by samantha bee, no one had the good sense to stop it. this another exhibit in case that shows republican women are always fair game for the leftist
women's movement, which has everything to do with politics, and nothing to do with values of real women. the apology is a good start, it would be better to identify and correct the views that lead to this vicious attack that so many people knew was coming, yet no one stopped it. charles: mark, all day yesterday, and most of today, at tbs, and twit ar twitter saying1 -- look at this. here is the thing, this is not first time she has made a very harsh personal attack on women involved in the white house. i think she might have almost gotten away with this, if not for what happened yesterday to roseanne. >> you are right, which is the scarier point. this goes to under score what we already know.
liberals who preach about tolerance are intolerant of anyone who does not think like they. whether it is amma samantha bee getting an apology and an award. or olbermann, accusing president of being nazi. and joy behar saying people of faith have a mental illness. it is okay for that, conservatives, not the same standard. charles: i can congresswoman blackburn on earlier, she is always open minded. which beautiful trait, i do wonder, i think th the hypocriss the most frustrating. one side gets a free pass, they are encouraged, and the other side is always rebuked. >> that is right, i think reason is failure to want to engage on
the real issues that belies fact that people on left don't feel confident in their views, they feel they need to resort to name-calling and vicious attack to silence their opposition, instead of a robust debate about the issues that americans care about. they could engage that way and be respectful. we could have a difference of opinions, there is no need for personal attacks which the lefts of intolerable. charles: you have been around, you are a communication expert. you understand what is happening, do you see it getting better? >> no. i think it is betting worse -- getting worse, and being magnified. in some circlings celebrated. i think we're seeing it blend over to society. as people believe they can treat their neighbors and others with the same ai amount of of contemt
they see on television. >> thank you very much. >> u.s. and north korea summit continues to loom large. as key north korean official now traveling to meet president trump. major story is next. rs are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. copd makes it hard to breathe. so to breathe better, i go with anoro. ♪ go your own way copd tries to say, "go this way." i say, "i'll go my own way, with anoro."
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and he will hand deliver a letter from north korea president kim jong-un. two officials today holding talks regarding peace summit that president trump pulled out of last week. north korea came running back, secretary pam pompeo saying that negotiation went well, but there is still work that needs to be done. >> make no mistake. there is a long history where north korea has viewed its nuclear program, providing security that it needed forked regime, effort now to come to a set of understanding that convinced north koreans of what president has said. i believe they are contemplating a path forward, to make a strategic shift. one their country has not been prepared to make before. charles: here it discuss it,
gayle trotter and herb london, and robert. robert, a measured press confront by mike pompeo, but he gave us enough of a glimpse to suggest all parties. >> i think average american should take a deep breath, and understand what they are hearing, this is administration playing for long game. first step in long game is to establish a modicum of trust with a promise that broken every promise they have made to us since 1986. it is a long process, two former intelligence chiefs are talking to each other, that means if we shared every secret we knew of each other and sat down we would go to brass tax, in the end,
stakes a are high. taking our time and getting this right is the right way to go. at the end of the day, i think that trump letter is critical. that is like a preemptive rakeio vec -- walk out but done right this could be goose that laid the golden egg for them, the beginning of a brand-new north korea or a reversion to military. >> reykjavik was gorbachev and ronald reagan. i keep reading reports you know, suggesting that you know he understands that rest of the
world has gone past north korea. he does have a opportunity to bring his nation forward. what that requires from us continues to be the big question. what do they accept for denikoladenews-- denuclearize. >> i think that letter we were talking about that president trump sent to the leader of north korea showed that meeting is not the goal. the goal is to have complete verified, and irreversible denuclearization of the north korea peninsula unless administration thinks that those goals are achieve able it does not make sense to is a meeting. even in this situation they have gone back, they retraded on joint military exercises with south korea. which were routine. they went back on, they did not
show up on meeting to prepare logistics for the summit. of and they destroyed nuclear site, they did not invite nuclear experts. it remains to be seen. >> president trump keeps articulating that over and over for these people to prosper, the hard working people. great people of north korea. herb. if kim jong-un rattled off that ability to hit any targ net taro america. and slipped a piece of paper to president trump, saying -- how much money can they have. and expect to give this up? this is their only currency right now.
comparison between two koreas, but lurking in background. china, china has. reduce american present in asia in pacific basin. chinese use this to make it clear they have a leader in pacific. >> there is no question. but question that remains it how long can we put ourselves in position where we compete, we don't want conflict, but compete with chinese. >> more evidence. consumer spending, on arise too, we'll be right back. as a control enthusiast,
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charles: stoke market has fallen to trap of over reacting on certain news, development and even speculation. to me is often minimalist. i am not saying a trade spat with eu, and canada and mexico over industrial metals is trivial. the western world sato their collective hands as china violated a mountain of trade rules, this whole thing will be short lived, i think it help resolve something like nafta sooner, the headlines and are enough to bring our market down, i want to talk about
nondistraction there is a great flood of good news. veronica is here to join us, and maddi. veronica. consumer number out of chicago was huge. we use the world goldilocks. same thing with consumers, you may quibble over savings but consumer looks like they are spins tax cuts. >> they are spinning tax cuts, they have more money in their pocket, they are happy that unemployment is still low, records there. they are feeling good about 401(k). if they own stocks like apple, they are smiling widely. they just feel confident. we're seeing this spending that continuing into what looks like summer, people are excited they are feeling good and confident. charles: maddi, we have
momentum, in every way you measure this. we know that the big traders and big wall street houses they don't want to hear anything about tariffs, they the status quo. you don't get that. but, do you think that there will be a point where fundamentals matter so much more than headlines and speculation? >> of course, we're entering that period right now, i have talked about it a couple times with fundamental changing a little bit, for way that businesses normally respond to public policy. as mentioned before consumer confidence is rising, individuals feel their own personal circumstances are changing. now, third quarter of year, we're going to start to seeingses making -- see businesses make shoul some of te changes, until now we seen a lot of change on individual side, people withholding, and paychecks are bigger, and bonuses issued, but now
businesses will be able to realign their behavior in a different way. we have a lower corporate rate but a lot of other incentive that businesses have not been exposed to before. and other bay ways that debt financing is not playing. charles: all those regulation and tax burdens are fading away, tomorrow we get big jobs number. should we want something strong or in the middle to keep the fed at bay? >> i think something in middle would be good. to keep goldilocks theme, we need more wage growth in terms of broad-based wage growth. charles: right, remember that big wage number earlier 2.9 spooked the market. >> it makes people nervous. charles: i'm rooting for a big wage number too. i don't care what the fed says, thank you ladies. >> thank you. charles: italy, voters won establishment blinked. next.
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charles: populous in italy celebrating, government there being allowed to be formed. northern italy part five-star movement, they have been recognized by the appointed president, this is after same president rejected a new government and really put everything in turmoil. here to discuss. g.o.p. communication strategist and mark lauder is back with us, lee. think about this. five-stars like bernie sanders, northern league of legga. like donald trump they both won
enough votes they shared white house, they would be on different payments, and imagine someone said, we don't like this, this is so much of a threat to elite establishment we're going to nullify the voice of the people, that happened in italy until a couple hours ago. >> unbelievable, global movement toward populism, this is a period of rapid change. what happens after a lot of change people want to take control back. that is what they are doing in ways that seem out of control to the rest of us. you see this, you think wow, how is this possible? it is fond finis phenomenon funf you look at underpinnings it makes sense. charles: people say this is only way they can go back to old gloriy. >> that is really short-sighted. when you are a leader of the people, you have to lead them, people over technology, over
globalization and all sorts of things, huge changes in countries. everything is changed. and people are afraid of that. that is normal, they need to be helped through it, and you can't just look down on them. charles: one reason that i have been watching i watching it for. because we had this conversation in america like welfare abuse, too much depends on government, it devolves to a issue of race, and we're sidelined. i love that we're seeing it in italy, and german, and spain. the stathe economy with policie. >> people are rising up against the liberal elite. we saw it in brexit, we are
seeing it in italy, here in u.s., people tired of being told by liberal elites that their jobs were expendable for the greater good. and this president, president trump, i know others, i'm going to fight for our people, put our economy first, we're seeing this play out in many cases, the politics are a well the different in italy, but i think same sentiment is what is coming through people want to be heard and their concerns to take priority not those that are coming from ivory towers. >> what hurt them, high ranking in official of germany suggested that establishment sent marketings lower to teach the citizens of italy a lesson, well, that boomeranged on them, thank you very much, we'll be right back. hi, i'm bob harper,
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a private meeting with survivors of the santa fe high school shooting. president trump promised the victims family his administration would be with them. back to discuss it. lee, a different sort of national reaction. local reaction than wo with parkland shooting. this echos fact, in america there are different ideas on the solution. it is important this president trump made this visit. >> a very different sentiment. people on left say this is because we're getting too used to what is shaping. we have a community with a different view on what should be happening with gun control. there will be a lot of criticism how long it took president to get there watts was there last week and timberlake a few days ago. but i think that bottom line, president did the right thing by showing up.
and by saying to people that we'll be with them forever. and this is a really tough, thorny issue, it will be important going to midterm how republican communicate in a way knowing 9 out of 10 americans want something to change on gun control. charles: texas all of a sudden a state to watch. to this week democratic challenger posing something of a threat to ted cruz, but he is raising an extraordinary amount of money, democrats are giddy about possibly making ep roads in texas. >> i don't know if, rourke will be able to beat ted cruz but he will give him run for money, one thing, that tbop an g.o.p. and n texas have to watch, people are moving there for lower taxes, they are leaving new york, and illinois and california, they enjoy that prosperity but in november they vote democrat, they are coming in, and using
their bad voting habits from elsewhere. they don't ruin it by bringing in former voting habits. charles: i am working on a special. on the great reverse of great migration. of all blacks that left the south for north, and they have come back to south, and changed politics since then. lee you want we heard blue wave, it faded, now perhaps are republicans complacent or is there something they should be doing? >> this is not really they are compliecomplacent. they see shift not as much as they thought it would be. i don't think that there is anything to becom to be about, r changes week by week, day-by-day. charles: number one issue? is it the economy.
if it is, it should be a cake walk. >> pea people like to see econoo well, the trade and tariff stuff has people concerned. charles: thank you very much. here is lou dobbs. lou: our top stories diplomatic drama, united states and north korea make a last-ditch effort to save singapore summit. secretary of state pompeo warning kim jong-un must make major concessions if he wants to sit with president trump on june 12. we take up the latest development with general jack keane. president trump keeping his promises putting american workers first on trade. much to chagrin of dems, rinos, round table, eu, and mexico, canada, "wall street journal" and the koch